PSEi stays afloat 6,200 ahead of Fed, BSP meetings
MANILA -The benchmark Philippine Stock Exchange Index (PSEi) remained perched above 6,200 as investors waited for the outcome of central bank policy meetings in the United States and Philippines.
The PSEi finished Wednesday’s session lower by 0.58 percent, or 36.65 points, to close at 6,255.74 while the broader All Shares Index slipped 0.43 percent, or 14.32 points, to 3,339.14.
“The [US Federal Reserve] is widely anticipated to hold the [benchmark borrowing rate] steady in the 5.25 percent to 5.5 percent range, but investors will also parse through Fed chair Jerome Powell’s commentary for clues into how soon rate cuts can be expected,” said Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development.
READ: Asian stocks mixed ahead of Fed decision; oil prices slump
He added that domestic investors were also placing bets ahead of the Bangko Sentral ng Pilipinas’ policy setting on Dec. 14.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi was still encountering major resistance at the 6,200 level.
Article continues after this advertisement“Any sustained breach above the 6,220 levels could confirm a potential retest of the psychological 6,300-mark, and then the immediate high of 6,412.94 posted on Sept. 28, 2023,” he said.
Article continues after this advertisementMarket trading activity was muted with 243.11 million shares valued at P3.55 billion changing hands while net foreign selling reached P280.55 million.
READ: Accumulate stocks ahead of 2024 rally, Maybank Securities tells investors
Most PSE subsectors pulled back, with property (-1.18 percent) and holding firms (-0.83 percent) taking the worst hit. Services gained 0.17 percent.
International Container Terminal Services Inc. was the top traded stock as it rose 1.03 percent to P234.40 per share.
BDO Unibank Inc. was up 1.36 percent to P126.70; Robinsons Land Corp., down 0.26 percent to P15.16; SM Prime Holdings Inc., down 1.20 percent to P32.80; and Metropolitan Bank & Trust Co., down 2.33 percent to P50.25 per share.
SM Investments Corp. was down 0.83 percent to P832; Universal Robina Corp., up 1.04 percent to P116.20; Globe Telecom Inc., down 0.93 percent to P1,702; GT Capital Holdings Inc., up 0.56 percent to P540; and Ayala Land Inc., down 1.56 percent to P31.50 per share.
Overall, there were 95 losers against 64 advancers while 47 companies closed unchanged.
